SJC gold is the most expensive since the beginning of the year, soaring to 70.3 million

Domestic gold price today October 12, 2023

Early afternoon on October 12 , SJC's 9999 gold price today increased by 300 thousand VND/tael in both buying and selling compared to early morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:46 and the price of 9999 gold was listed by DOJI Jewelry Group at 14:04 as follows:

	Buy	Sell out
SJC Hanoi	69,650,000 VND/tael	70,370,000 VND/tael
SJC HCMC	69,650,000 VND/tael	70,350,000 VND/tael
SJC Danang	69,650,000 VND/tael	70,370,000 VND/tael
DOJI Hanoi	69,450,000 VND/tael	70,350,000 VND/tael
DOJI HCMC	69,600,000 VND/tael	70,300,000 VND/tael

SJC and DOJI gold price list updated early afternoon October 12

Early morning of October 12 , the price of SJC 9999 gold today increased by 150 thousand VND/tael in both buying and selling compared to the closing price yesterday, up to 70 million VND/tael (selling).

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:48 a.m. and the price of 9999 gold was listed by DOJI Jewelry Group at 8:34 a.m. as follows:

	Buy	Sell out
SJC Hanoi	69,350,000 VND/tael	70,070,000 VND/tael
SJC HCMC	69,350,000 VND/tael	70,050,000 VND/tael
SJC Danang	69,350,000 VND/tael	70,070,000 VND/tael
DOJI Hanoi	69,100,000 VND/tael	70,000,000 VND/tael
DOJI HCMC	69,250,000 VND/tael	69,950,000 VND/tael

SJC and DOJI gold price list updated early morning October 12

At the end of the trading session on October 11, the domestic 9999 gold price today was listed by SJC and DOJI Gold and Gemstone Group in the following order of buying and selling:

SJC Hanoi: 69,200,000 VND/tael - 69,920,000 VND/tael
DOJI Hanoi: 68,850,000 VND/tael - 69,750,000 VND/tael
SJC HCMC: 69,200,000 VND/tael - 69,900,000 VND/tael
DOJI HCMC: 69,050,000 VND/tael - 69,750,000 VND/tael

The central exchange rate on October 12, 2023 announced by the State Bank is 24,067 VND/USD, an increase of 2 VND compared to yesterday. The USD price at commercial banks this morning (October 12) was traded around 24,235 VND/USD (buy) and 24,605 VND/USD (sell).

International gold price today October 12, 2023

At 9:18 a.m. today (October 12, Vietnam time), the world spot gold price stood at around 1,876.1 USD/ounce, up 5.1 USD/ounce compared to last night. The price of gold futures for December delivery on the Comex New York floor was at 1,890.4 USD/ounce.

gold price 12 10.jpg — Fluctuations in international gold prices in the past 24 hours (Photo: Kitco)

On the night of October 11 (Vietnam time), the spot price of gold on the world market stood at around 1,871 USD/ounce. Gold for December delivery on the Comex New York floor was at 1,887 USD/ounce.

The world gold price on the night of October 11 was about 2.6% higher (47 USD/ounce) than at the beginning of 2023. World gold converted according to the bank USD price was 56.0 million VND/tael, including taxes and fees, about 13.9 million VND/tael lower than the domestic gold price as of the end of the afternoon session on October 11.

Gold prices in the international market have skyrocketed in the context of the Hamas-Israel conflict that could adversely affect the security situation in the Middle East, negatively impacting the world economic outlook.

Around the world, there are many warnings about the unpredictable dangers from the conflict between Hamas and Israel.

Israel has now completely blockaded the Gaza Strip, cutting off the supply of electricity, water, food... More than 2.3 million residents in Gaza are facing a life of deprivation.

goldthegioi un okok3.jpg — *Gold prices on the world market today increased sharply. (Photo: KC)*

The escalating violence between Israel and Hamas could lead to new inflationary trends in many countries. The world economy, already recovering slowly from the impact of the COVID-19 pandemic and the Russia-Ukraine conflict, could become weaker.

The Middle East region currently exports about 34% of global oil and gas.

Signals that the US Federal Reserve (Fed) may temporarily stop raising interest rates also contributed to the increase in gold prices.

Gold price forecast today October 12, 2023

In a statement on October 10, San Francisco Fed President Mary Daly maintained that high bond yields will do the Fed’s tightening work, another sign that the Fed is likely to pause rate hikes at its meeting later this month.

The market is also pricing in a very low likelihood of the Fed raising interest rates.

Mr. Raphael Bostic, President of the Atlanta Fed, also said that the Fed does not need to raise interest rates again and that policy is tight enough to bring inflation back to the 2% target.

There will be no surprises in the near future, according to Mr. Bostic. The conflict in Israel could increase instability for the global economy and the Fed needs to be flexible and ready to adapt to changing circumstances.

Minneapolis Fed President Neel Kashkari said the Fed is on track to control inflation without pushing the economy into recession.

Given recent developments, it is likely that the Fed will pause its rate hikes. This will cool the USD in the short term, thereby pushing up gold prices.

In the medium and long term, the Fed may reverse its monetary policy. The USD will fall even faster. Gold may increase due to increased demand from other countries.

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